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Order Types

Traders may send instructions for market orders and pending orders.

Market Orders

Market Order: This is an order to buy or sell at the current market price that is available. The system automatically aggregates the volume received from third party liquidity providers and executes the ‘market order’ at VWAP (‘Volume-Weighted Average Price’) that is the average and best available price at the time of execution.

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Pending Order(s)

Stop Orders: this is an order to buy or sell once the market reaches the ‘stop price’. Once the market reaches the ‘stop price’, the ‘stop order’ is triggered and treated as a ‘market order’*. If the ‘stop order’ is not triggered it shall remain in the system until a later date subject to the conditions described in the ‘Good till Cancel’ section. ‘Stop orders’ can be placed as close to the current market price as possible; there is no restriction.

Stop Loss: this is an order to minimise losses. Once the market reaches the ‘stop loss price’ the order is triggered and treated as a ‘market order’*. If the ‘stop loss’ is not triggered it shall remain in the system until a later date. ‘Stop loss’ can be placed as close to the current market price as possible; there is no restriction.

Limit Orders: this is an order to buy or sell once the market reaches the ‘limit price’. Once the market reaches the ‘limit price’ the order is triggered and executed at the ‘limit price’ or better. If the limit order is partially filled, a new Limit order will be automatically created for the outstanding volume and executed once the market price reaches the originally requested ‘limit price’. If the ‘limit order’ is not triggered it shall remain in the system until a later date subject to the conditions described in the ‘Good till Cancel’ section. ‘Limit orders’ can be placed as close to the current market price as possible; there is no restriction.

Take Profit: this is an order to secure profits. Once the market reaches the ‘take profit price’ the order is triggered and treated as a ‘limit order’. If the ‘take profit’ is not triggered it shall remain in the system until a later date. ‘Take profit’ can be placed as close to the current market price as possible; there is no restriction.

Good till Cancel (‘GTC’) (= Expiry): this is a time setting that the client may apply to ‘pending orders’. The client may choose a specific date in the future until which the order may remain ‘live’ and pending execution; if the order is not triggered during this timeframe it shall be deleted from the system.

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Good till Date (‘GTD’): this is an execution setting that applies to ‘pending orders’ traded through cTrader. It defines the period of the first 5 seconds commencing at the time the order is triggered; during these 5 seconds the order is pending execution according to its type described above.

Pending Order Modification/ Cancellation: An order can be modified by the client if the market did not reach the price level specified by the client and the order was not cancelled in the meantime. An order will be cancelled in the event any of the following occurs:

if the requested price is more than 50,000 PIPS from the market price; or

if a client manually cancels an order prior to the market reaching the price level specified by the client; or

if a client places an expiration time frame and this is reached; or

after 200 unsuccessful attempts to execute the order.

Slippage: at the time that an order is presented for execution, the specific price requested by the client may not be available; therefore, the order will be executed close to or a number of pips away from the client’s requested price. If the execution price is better than the price requested by the client this is referred to as ‘positive slippage’. In contrast, if the execution price is worse than the price requested by the client this is referred to as ‘negative slippage’. Please be advised that ‘slippage’ is a normal market practice and a regular feature of the foreign exchange markets under conditions* such as illiquidity and volatility due to news announcements, economic events and market openings. The FxPro’s automated execution software does not operate based on any individual parameters related to the execution of orders through any specific client accounts.